Winmark Corporation
WINA Consumer Cyclical Specialty Retail
Winmark Corporation’s revenue for fiscal 2025 (year ended December 2025) was $86.1 million, up 5.86% from fiscal 2024. In the quarter to September 2026, revenue grew 23.2%, EPS grew 5.22%, free cash flow fell 5.68% and total debt was flat, each against the same quarter a year earlier.
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Winmark Corporation (WINA) Altman Z-score
Winmark Corporation's Altman Z-score for fiscal 2025 is 17.96, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 17.96 | 0.75 |
| FY2024 | 17.21 | 1.34 |
| FY2023 | 15.86 | 4.64 |
| FY2022 | 11.22 | (4.57) |
| FY2021 | 15.79 | 0.41 |
| FY2020 | 15.39 | 2.07 |
| FY2019 | 13.32 | 1.60 |
| FY2018 | 11.71 | 4.71 |
| FY2017 | 7.00 | (2.56) |
| FY2016 | 9.56 | 2.82 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.34 | — | 0.41 | |
| Retained earnings / total assets | (2.95) | — | −4.12 | |
| EBIT / total assets | 2.19 | — | 7.24 | |
| Market value of equity / total liabilities | 18.30 | — | 10.98 | |
| Sales / total assets | 3.46 | — | 3.46 | |
| Altman Z-score | Safe zone | 17.96 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.65 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WINA Winmark Corporation | 18.0× |
| BWMX Betterware de Mexico SAPI de C compare | 3.1× |
| SBH Sally Beauty Holdings, Inc. compare | 2.9× |
| ARHS Arhaus, Inc. compare | 2.5× |
| EYE National Vision Holdings, Inc. compare | 2.3× |
| HZO MarineMax, Inc. compare | 1.7× |
| SVV Savers Value Village, Inc. compare | 1.4× |
| RH RH compare | 1.4× |
| WOOF Petco Health and Wellness Company, Inc. compare | 1.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets